Suppose you buy a fridge for $1790. You agree to pay off the total amount with monthly payments over 3 years at j12=7%. If you wish to refinance you will have to pay a penalty equal to 3 months' interest on the outstanding balance. After 12 payments you see that interest rates at your bank are j12=6%. (a) Calculate the original monthly payment. Answer: \$ (b) Calculate the new monthly payment if you were to refinance under your banks interest rate. (Assume the original term does not change.) Answer: \$ (c) Should you refinance? Answer: NOTE: When calculating a payment or outstanding balance, round appropriately and carry that value through further calculations